Global Wood Plastic Composite Market: Key Highlights
Global Wood Plastic Composite Market: Key Market Dynamics
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Global Wood Plastic Composite Market: Regional Overview
Europe is expected to dominate wood plastic composite marketduring the forecasted period owing to the well established automotive industry. According to the European Commission, the turnover generated by the automotive industry represents over 7% of European Union GDP. According to European Automobile Manufacturers Association (ACEA), in 2018 Vehicle manufacturing is a strategic industry in the EU, where 19.2 million cars, vans, trucks and buses are manufactured per year. Use of wood plastic composites in the automotive industry will enhance mechanical strength lower production cost and fuel consumption, and improve passenger safety. Thus, with a growing automotive industry coupled with benefits offered by wood plastic composites is expected to drive the market growth in the Europe region.
The Asia-Pacific is anticipated to witness the largest growth in the wood plastic composite market during the forecasted period. This growth can be attributed to the ongoing constructions and infrastructural activities in emerging countries such as India, China, Malaysia and Indonesia. For instance, the National Bureau of Statistics of China, in 2019 the investment in China was increased by 3.8% than in previous years. Moreover, increasing infrastructure spending, rising awareness among consumers regarding sustainable building, industrialization, and urbanization has boosted the demand for construction. For instance, in Malaysia, infrastructure spending has increased through the Economic Transformation Program (ETP) which has attracted higher FDI in the region.
Global Wood Plastic Composite Market: Key Players Overview
BSW Timber Ltd is a Berwickshire based company engaged in manufacturing and supplying of swan products. The company offers its product range for fencing, landscaping, cladding, construction, DIY, decking, pallet and packaging sector. BSW Timber Ltd operates through following business segments, tree nurseries, forestry, sawmilling, timber manufacturing and energy. In August 2018, BSW Timber Ltd group acquired Alvic Plastics Ltd (U.K), is a one of the leading manufacturer of extruded wood polymer composite manufacturer. This aquasition will help to expand company’s product portfolio, diversified product range, and increase production capacity.
Fortune Brands Home & Security, Inc., is a U.S. based company engaged in manufacturing of home and security consumer products. The company operates through following business segments: Plumbing, Cabinets, Doors, and Security. Fortune Brands Home & Security, Inc., generated net sales of USD 5.5 billion in 2018. In September 2018, the company acquired, Fiberon (U.S.), is a manufacturer of composite decking, railing, and fencing. Fiberon will be the part of Fortune Brands Home & Security, Inc.’s Doors & Security business segment and this aquasition will help to gain entry into the outdoor living market.
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